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Financial Results for 1St Quarter 2020 5 May 2020 Important Notice

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Financial Results for 1St Quarter 2020 5 May 2020 Important Notice Financial Results for 1st Quarter 2020 5 May 2020 Important Notice This presentation should be read in conjunction with the announcements released by OUE Commercial REIT (“OUE C-REIT”) on 5 May 2020 (in relation to its Financial Results for 1st Quarter 2020). This presentation is for information purposes only and does not constitute an invitation, offer or solicitation of any offer to acquire, purchase or subscribe for units in OUE C-REIT (“Units”). The value of Units and the income derived from them, if any, may fall or rise. The Units are not obligations of, deposits in, or guaranteed by, OUE Commercial REIT Management Pte. Ltd. (the “Manager”), DBS Trustee Limited (as trustee of OUE C-REIT) or any of its affiliates. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. The past performance of OUE C-REIT is not necessarily indicative of the future performance of OUE C-REIT. This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. These forward-looking statements speak only as at the date of this presentation. Past performance is not necessarily indicative of future performance. No assurance can be given that future events will occur, that projections will be achieved, or that assumptions are correct. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager’s current view of future events. Investors should note that they will have no right to request the Manager to redeem their Units while the Units are listed on the Singapore Exchange Securities Trading Limited (the “SGX-ST”). It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. The information and opinions contained in this presentation are subject to change without notice. 2 Agenda . Key Highlights . Financial Performance and Capital Management . Commercial Segment . Hospitality Segment . Update on COVID-19 . Outlook . Appendices 3 1Q 2020 Key Highlights Financial Revenue Net Property Income Amount Available for Highlights Distribution S$77.7million S$62.1million S$37.6 million 40.5% YoY 42.5% YoY 44.5% YoY Portfolio Commercial Segment Singapore Office Minimum rent for Performance Committed Occupancy Rental Reversions Hospitality Segment 94.3% 7.9 % - 16.7% S$67.5 million p.a. 1Q 2019: 94.0% provides downside protection Capital Aggregate Weighted Average % Fixed Rate Debt Established Management Leverage Cost of Debt S$2.0 billion 40.2 % 3.2%76.6 % Multi-Currency Debt 1Q 2019: 39.4% 1Q 2019: 3.5% 1Q 2019: 71.6% Issuance Programme Commercial segment comprises OUE Bayfront, One Raffles Place (67.95% effective interest), the office components of OUE Downtown (“OUE Downtown Office”), Lippo Plaza (91.2% strata interest) and Mandarin Gallery 4 1Q 2020 Key Highlights Rebranding . Transformational rebranding to Hilton Singapore Orchard announced on 26 March 2020 of Mandarin . Addition of new income generating spaces to drive growth in sustainable returns and value Orchard Singapore . Major refurbishments to take place from 2Q 2020 onwards to capitalise on weak operating environment due to COVID-19 . Re-branded hotel set to become Hilton’s flagship in Singapore and the largest Hilton hotel in Asia Pacific . Downside protection from the minimum rent embedded within the hotel master lease arrangement throughout phased renovation and ramping-up period Capital Expenditure Expected ROI Commencement of Relaunch of largest on Stabilised Basis Refurbishment Hilton hotel in Asia Pacific ~S$90.0 million ~10% 2Q 2020 2022 5 Financial Performance & Capital Management 1Q 2020 vs 1Q 2019 1Q 2020 1Q 2019 Change 1 (S$m) (S$m) (%) Revenue 77.7 55.3 40.5 Net Property Income 62.1 43.6 42.5 Amount Available for Distribution 37.6 26.0 44.5 Distribution to Unitholders - (1) 26.0 N.M.(2) . Net property income in 1Q 2020 was S$62.1 million, 42.5% higher YoY due primarily to contribution from Mandarin Gallery, Mandarin Orchard Singapore and Crowne Plaza Changi Airport upon completion of the merger with OUE Hospitality Trust (“OUE H-Trust”) in 2019 . Amount available for distribution of S$37.6 million, 44.5% higher YoY (1) OUE C-REIT’s distribution policy is to distribute at least 90% of its taxable income, on a semi-annual basis, with the actual level of distribution to be determined at the Manager’s discretion. The Manager will review OUE C-REIT’s financial results for 1Q 2020 and 2Q 2020 in totality to determine the actual level of distribution for 1H 2020 (2) Not meaningful 7 Portfolio Composition Mandarin Crowne Plaza Changi Gallery Airport Hotel master lease 7.2% agreements provide Crowne Plaza 7.3% One Raffles minimum rent of Changi Airport Lippo Plaza Place S$67.5 million 7.3% 8.2% One Raffles Place 27.5% (3) 26.7% per annum Retail Hospitality 18.9% 21.7% Lippo Plaza 8.9% Mandarin Gallery By 10.5% By Revenue By Asset Segment (1) Contribution(2) Value Contribution(2) OUE Downtown OUE Downtown Office Office 13.5% Mandarin 13.9% OUE Office Orchard Bayfront 59.4% Singapore 19.0% 18.1% OUE Bayfront Mandarin Orchard 17.4% Singapore 14.5% 91.1% of assets under management in No single asset contributes more than Hospitality segment revenue was Singapore 26.7% to total revenue supported by the minimum rent under the hotels’ respective master lease agreements Commercial segment comprises the office and/or retail contribution from OUE Bayfront, One Raffles Place (67.95% effective interest), OUE Downtown Office, Lippo Plaza (91.2% strata interest) and Mandarin Gallery (1) Based on independent valuations as at 31 December 2019 and SGD:CNY exchange rate of 1:4.885 (2) For 1Q 2020 (3) Mandarin Orchard Singapore and Crowne Plaza Changi Airport’s master lease agreements are subject to a minimum rent of S$45.0 million and S$22.5 million per annum respectively, totalling S$67.5 million per annum 8 Balance Sheet as at 31 Mar 2020 S$ million As at 31 Mar 2020 Investment Properties 6,805.5 Total Assets 6,913.0 Borrowings 2,695.1 Total Liabilities 3,000.9 Net Assets Attributable to Unitholders 3,302.2 Units in issue and to be issued (’000) 5,404,884 NAV per Unit (S$) 0.61 9 Capital Management . S$2.0 billion multi-currency debt issuance programme established on 20 March 2020 enables OUE C-REIT to tap on diversified sources of funding . 2020 debt to be refinanced ahead of maturity, with average cost of debt expected to remain stable . With 76.6% of debt on fixed rate basis, earnings are mitigated against interest rate fluctuations As at 31 Mar 2020 As at 31 Dec 2019 Debt Maturity Profile as at 31 March 2020 Aggregate Leverage 40.2% 40.3% S$ million Total debt S$2,656m(1) S$2,648m(2) 450 Weighted average cost of debt 3.2% p.a. 3.4% p.a. 150 Average term of debt 1.9 years 2.2 years 674 259 425 24 % fixed rate debt 76.6% 75.0% 346 % unsecured debt 40.7% 40.6% 150 157 21 Average term of fixed rate debt 2.1 years 1.9 years 2020 2021 2022 2023 2024 Unsecured SGD Loan Secured SGD Loan Share of OUB Centre Limited's Unsecured SGD Loan MTN Interest coverage ratio(3) 2.9x 2.9x Secured RMB Loan (1) Based on SGD:CNY exchange rate of 1:4.885 as at 31 Mar 2020 and includes OUE C-REIT’s share of OUB Centre Limited’s loan (2) Based on SGD:CNY exchange rate of 1:5.171 as at 31 Dec 2019 and includes OUE C-REIT’s share of OUB Centre Limited’s loan (3) Interest coverage ratio (“ICR”) as prescribed under Appendix 6 of the Monetary Authority of Singapore’s Code on Collective Investment Schemes (last revised on 16 April 2020). ICR for 31 December 2019 has been restated accordingly 10 Commercial Segment Portfolio Performance – Commercial 1Q 2020 (S$ million) 10.0% 60.9 8.1% 55.3 47.1 43.6 Revenue Net Property Income 1Q 2020 1Q 2019 . The increases in revenue and net property income for 1Q 2020 were mainly due to contribution from Mandarin Gallery upon completion of the merger with OUE H-Trust in 2019 . Overall commercial segment committed occupancy was 94.3% as at 31 March 2020. On a “same-store basis” excluding Mandarin Gallery, the commercial segment committed occupancy remained stable year-on-year (“YoY”) at 94.1% as at 31 March 2020 12 Healthy Commercial Segment Occupancy . Commercial segment committed occupancy of 94.3% as at 31 March 2020, with increased committed office occupancy at OUE Bayfront and OUE Downtown Office . Lippo Plaza’s committed office occupancy declined 4.1 percentage points (“ppt”) quarter-on-quarter (“QoQ”) to 85.8% as at 31 March 2020, in line with overall Shanghai CBD Grade A office occupancy of 85.4% for the same period . Mandarin Gallery’s committed occupancy recorded a slight decrease of 0.5 ppt QoQ to 97.8% Office: 93.9% Retail: 97.8% Commercial: 94.3% Market: 97.6%(1) 100.0% 97.8% 94.0% 94.6% Market: 85.4%(2) 94.3% 85.8% OUE Bayfront One Raffles Place OUE Downtown Office Lippo Plaza Mandarin Gallery Commercial Segment As at 31 Mar 2020
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